Stanley Black Decker Merger | Tool titans Black & Decker, Stanley Works to merge - tribunedigital-baltimoresun Tool titans Black & Decker, Stanley Works to merge Companies join in $4.5 billion deal local jobs, prestige to take a hit as state loses Fortune 500 HQ Black & Decker employs 1,500 people in Maryland. Most of… (Baltimore Sun photo by Algerina…) November 03, 2009|By Andrea K. Walker, Lorraine Mirabella and Jamie Smith Hopkins | Baltimore Sun reporters Black & Decker Corp., the Towson-based toolmaker founded here almost 100 years ago, said Monday that it plans to merge with The Stanley Works in a $4.5 billion all-stock deal that will bring together internationally known brands but reduce the number of local jobs. For the Baltimore region, it is another in a long line of deals relocating corporate headquarters - and the decision-making power, charitable muscle and prestige they represent. Stanley would have controlling interest in the combined company, which would be named Stanley Black & Decker and headquartered in New Britain, Conn., where Stanley is located. The power tools division would remain in Towson.

Black & Decker spokesman Roger Young said there were about 1,500 workers in Maryland, mainly in the power tools division. Fewer than 250 work in corporate jobs - most of whom "will not likely be maintained," he said. "This is pretty bad news for the state and the region," said Richard Clinch, director of economic research at the University of Baltimore's Jacob France Institute. "Black & Decker will be a division headquarters." Some analysts called the deal a savvy move for two companies hurt by the slump in construction, and the companies described it as a merger of industry players on different sides of the tool spectrum. "I think this is a very unique and complementary fit," said Nolan D. Archibald, Black & Decker's chairman and chief executive. "I don't think there would be another company that could fit better with Black & Decker or one that could fit better with Stanley. We are not directly competing, although we sell our products through the same distribution." But Maryland political and economic-development leaders bemoaned the loss of a local Fortune 500 company - one of only three in the metro area. The others are Constellation Energy Group and Legg Mason Inc.

"Having the worldwide headquarters of Black & Decker here in Towson has long been a point of pride for Baltimore County," said County Executive James T. Smith Jr. "The company has been an important part of our economic landscape for decades. This is clearly not a positive development. But such decisions are based on global competition. This is the sort of thing we have to expect in this tough economy." Other area headquarters lost to mergers or acquisitions include The Rouse Co., Alex Brown Inc. and USF&G Corp. There could be more layoffs beyond the Black & Decker headquarters, though the companies have not yet targeted specific jobs. Black & Decker told employees in a memo that it expects "less than 10 percent of the combined company's work force to be affected," which means the possibility of several thousand job cuts overall. Together, they employ 38,000. Under terms of the deal, Black & Decker shareholders would get 1.275 shares of Stanley common stock for each share of Black & Decker common stock. That's a premium of about 22 percent on Black & Decker's closing share price on Friday.

The deal will work out to about $57 or $58 per share for Black & Decker shareholders, who saw their stock close at $47.34 Monday. Stanley shareholders will own just over 50 percent of the equity of the combined company, with Black & Decker shareholders owning the rest. The companies said they expect the deal to close in the first half of 2010. Black & Decker, with its DeWalt brand, is a leader in the professional power tools market and sells do-it-yourself tools under the corporate name. It has 20,000 employees worldwide. Stanley - a 166-year-old firm that sells tools under its name, plus such brands as FatMax and Bostitch - employs 18,000 people. Both companies have been buffeted by the recession and housing-market collapse. Less demand for new construction and home-improvement projects has meant less need for tools. In 2008, Black & Decker's profit dropped 43 percent, to about $294 million. Stanley's profit shrank 30 percent, to $225 million.

Each has laid off workers in the past year. "Both companies have been hit hard throughout the downturn, but Black & Decker more so," said Anthony Dayrit, an equity analyst with Morningstar Inc. Stanley has been more protected because it has an industrial product offering and a security business, he said. Archibald and a spokesman for Stanley said that even though the steep drop in housing starts hurt sales, the economy had nothing to do with the decision to merge. "If you look at our balance sheet and look at our cash flow, it had nothing to do with the economy," Archibald said. "Not only were we surviving, we were prospering. Both of our companies were doing extremely well in a very difficult economy. We had a very bright future. It was a question of if it would have been brighter with Stanley." Said Tim Perra, a spokesman for Stanley: "We think the combined company would be able to take advantage of a resurgence in the market.

But this really is a transition that makes a lot of sense no matter when." Tool Giants Merge: Stanley Works Takes Over Black & Decker - tribunedigital-thecourant Tool Giants Merge: Stanley Works Takes Over Black & Decker NEW BRITAIN LANDMARK (Stephen Dunn / The Hartford…) March 13, 2010|By MARA LEE, The Hartford Courant The Stanley Works' shareholders overwhelmingly approved a merger with Black & Decker on Friday and the deal closed at 5:01 p.m. At a 10-minute morning meeting at Stanley headquarters in New Britain, about 80 people listened to John F. Lundgren, the company's chairman and chief executive, explain that the board unanimously recommended the creation of tools juggernaut Stanley Black & Decker. Together, the companies had $8.5 billion in sales in 2009. Black & Decker's sales outpaced Stanley's by about $1 billion, but Stanley was able to buy its former rival because its stock market value was higher — the result of Stanley's growing security business. Stanley shareholders own just over half of the merged company, now that the all-stock deal is complete.

Lundgren, who is CEO of the merged company, barred questions at the meeting and was unavailable for an interview, though he circulated with shareholders briefly afterward. "It's a great day for Stanley," he told them. Proxies for about 68 million shares were returned for the merger vote, and 98.7 percent voted to issue common stock to complete the deal. But a larger portion of shareholders disagreed with a bonus plan that includes a $45 million reward to Black & Decker CEO Nolan D. Archibald if the combined company sheds $350 million in costs. About 84 percent of shareholders approved the pay package. Only two independent shareholders attended the last Black & Decker meeting, which was held more than 90 minutes away from its Maryland headquarters. Brooke Lynch, 69, who owns 35 Black & Decker shares and spoke at the meeting, told Archibald that the Stanley merger was a "disservice" to the company and its employees, and to the Baltimore community. He accused Archibald of being motivated "strictly by greed," the Baltimore Sun reported. Archibald said the deal was in the best interest of Black & Decker shareholders.

Evelyn Genovese of Berlin, who has owned Stanley shares for about 20 years and who is pleased with the merger, said, "They have a continuous dividend, and they seem to be progressive. They're still growing." Genovese, who attended the special Stanley shareholders meeting, pointed out that another New Britain company, which once was called American Hardware and later was known as Emhart, and included other businesses, was bought out by Black & Decker. "We've lost so much in this area," she said. It is uncertain how an estimated 4,000 job cuts over the next three years will happen. That is the combined company's expected savings from eliminating redundant positions. Stanley has 1,100 jobs in Connecticut, more than half of them salaried, and 18,000 worldwide. Black & Decker, headquartered in Towson, Md., has about 22,000 employees. Even though Stanley will retain its headquarters in New Britain, some high-level executives will move to Maryland.

The Construction/Do-it-Yourself segment of Stanley — the tools segment at the heart of the company's 167-year-history — will move to Towson, outside Baltimore. Spokesman Tim Perra said he didn't know how many executives would be transferred, but Jeff Ansell, who has headed the consumer tools division since 1999, is among those who are moving. Ansell once worked in marketing and sales at Black & Decker. Perra said the merger makes sense because Stanley's hand tools and pneumatic nail guns, under the Bostitch name, are sold through the same stores and to the same customers as Black & Decker's power tools. The businesses are complementary, he said. "Obviously, shareholders agreed," he said.

"Which is nice." MORE: Stanley Works Acquires Black & Decker (DeWalt, Porter Cable, Delta) - coptool.com Stanley Works Acquires Black & Decker (DeWalt, Porter Cable, Delta) Posted by Jay Amstutz on November 3rd, 2009 It was announced yesterday that after 4 attempts over the past 27 years Stanley Works has finally acquired Black & Decker in a $4.5 billion deal ($3.5bn stock & $1bn debt). Unfortunately this means about 4,000 additional jobs (10% of work force) will be cut from the business that has already seen dramatic cuts. Shareholders of Black & Decker will get 1.275 shares of Stanley stock and should see an increase in overall shareholder value from the merger. Stanley buys and sells companies faster than I can keep track, last year they sold CST/David White to Bosch Tools. It will be very interesting to see what shakes out from this deal. There are many arrangements behind the scenes with companies that have deals with Black & Decker to supply motors, parts, etc and they could potentially loose them under the Stanley brand.

I guess the big question will be how will this effect the quality of the tools for DeWalt, Porter Cable and other brands. Black & Decker has had some problems in recent years with their loyal customers being disappointed in degrading quality. Is Stanley the answer? In addition, both companies will host a joint investor lunch on Tuesday, November 3, 2009 at 12:00 p.m. ET in New York City. The live webcast of the meeting can be accessed at , and . Read the Full Press Release Below: NEW BRITAIN, Conn. & TOWSON, Md.–(BUSINESS WIRE)–Nov.

2, 2009– The Stanley Works (NYSE:SWK) and The Black & Decker Corporation (NYSE:BDK): Unites Two Highly Complementary Companies With Iconic Brands; EPS Accretion Of Approximately $1.00 Per Share Projected By Year Three; $350 Million In Cost Synergies Expected; Black & Decker Shareholders To Receive Fixed Ratio Of 1.275 Shares Of Stanley Common Stock For Each Share Of Black & Decker Common Stock The Stanley Works (NYSE:SWK), a worldwide supplier of quality tools and engineered solutions for industrial, construction and do-it-yourself use, and security solutions for commercial applications, and The Black & Decker Corporation (NYSE:BDK), a global manufacturer and marketer of quality power tools and accessories, hardware and home improvement products, and technology-based fastening systems, announced today that they have entered into a definitive merger agreement to create Stanley Black & Decker, an $8.4 billion global industrial leader in an all-stock transaction valued at approximately $4.5 billion. The combination brings together two highly complementary companies with iconic brands and strong growth prospects.

Founded in 1843, Stanley is a diversified industrial company with a global leadership position in hand tools and strong construction and do-it-yourself (CDIY), security and industrial businesses with well-known brand names such as Stanley, FatMax, Bostitch, Facom, Proto, Mac Tools, Sonitrol, Stanley Security Solutions, Best, and Vidmar. With roots dating back to 1910, Black & Decker brings a global leadership position in power tools and a diverse product offering under an array of renowned brands including Black & Decker, DeWalt, Porter-Cable, Emhart Teknologies, Kwikset, Baldwin and Price Pfister. Under the terms of the transaction, which has been approved by the boards of directors of both companies, Black & Decker shareholders will receive a fixed ratio of 1.275 shares of Stanley common stock for each share of Black & Decker common stock they own, representing an implied premium of 22.1% to Black & Decker’s share price as of Friday, October 30, 2009.

Upon closing, which is expected in the first half of 2010, Stanley shareholders will own approximately 50.5% of the equity of the combined company and Black & Decker shareholders will own approximately 49.5%. The nine members of the current Stanley Board of Directors will be joined by six new members from Black & Decker’s Board of Directors. John F. Lundgren, Chairman and Chief Executive Officer of Stanley, will be President and Chief Executive Officer of the combined company. Nolan D. Archibald, Chairman, President, and Chief Executive Officer of Black & Decker, who has been CEO for 24 years, will be Executive Chairman of the combined company for three years. Mr. Lundgren said, “This is a unique opportunity to bring together two great companies, each with first-rate brands, and provide enhanced opportunities to generate superior returns as we build on this new, larger platform. Stanley and Black & Decker together will have a comprehensive offering across all major tool categories and greater resources to support continued expansion of our combined security and industrial businesses. The transaction is expected to create tremendous value for shareholders of both companies through the realization of significant cost synergies, operating margin expansion and enhanced growth opportunities.

Joining these two companies together creates a powerful engine for growth, both as markets around the world recover and over the long-term.” Mr. Archibald commented, “While we are pleased with the initial premium of approximately 22%, the driving motivation of the transaction is the present value of the $350 million in annual cost synergies and the combined financial strength and product offerings of the merged companies. The complementary product and market fit of these two companies creates significant value for both companies’ shareholders that neither company can accomplish on a stand-alone basis. Joining forces with Stanley brings together two world-class companies with rich histories and strong track records in a one-of-a-kind opportunity to create outstanding benefits for our respective shareholders, customers and employees. We are excited by the opportunity to combine Black & Decker’s unmatched lineup of power tools and security hardware with Stanley’s leading franchise of hand tools and security products and services in a transaction that is both strategically compelling and financially attractive to the stakeholders of both companies.

In addition to the new company’s iconic brands, we each share a common heritage and passion for developing innovative products that meet the evolving needs of our end users, along with a commitment to operational excellence that will make us a supplier of choice across these categories.” Strategic Rationale Combining Stanley and Black & Decker creates a stronger, globally diversified company with a broad array of products and services. The combination will enhance both companies’ core strengths and provide increased resources to invest in growth opportunities. Comprehensive Portfolio Of Iconic Brands. Combining the significant brand equity inherent in both companies will create a supplier of choice for tools, with even greater worldwide recognition and appeal among retailers, commercial customers and individual consumers. Complementary Global Product And Service Offerings. Black & Decker’s position in power tools, security hardware products and engineered fasteners fits seamlessly with Stanley’s product and service offerings in hand tools and mechanical and electronic security solutions, with no significant overlap in product lines. Stronger, More Diversified Global Company. The combined company will have greater scale in hand and power tools and storage, mechanical and electronic security, as well as a continued strong presence in engineered fasteners and plumbing products.

It will also have a broader geographic sales footprint with additional strength in emerging markets; a world-class innovation process; global low cost sourcing and manufacturing platforms; a shared commitment to operational excellence; and a proven business management strategy in the Stanley Fulfillment System. Significant Shareholder Value Creation. The combination is expected to result in earnings per share (EPS) accretion of approximately $1.00 by the third year after closing, as shareholders of both companies share in the upside potential of the combined company, including approximately $350 million in estimated annual cost synergies fully realized within three years. These will be primarily derived from reductions in corporate overhead, business unit and regional consolidation, manufacturing and distribution, and purchasing. In addition, through the implementation of the Stanley Fulfillment System across Black & Decker’s businesses, the Company expects to achieve significant improvements in working capital and asset efficiency, as well as complexity reduction. The combination is expected to generate approximately $1.0 billion in free cash flow annually by the third year after closing. Over the long term, this will be used to invest in shareholder value creation opportunities, including further investment in security solutions, engineered fastening, and other high-growth platforms. Enhanced Financial Strength.

T he combined company will benefit from greater scale and efficiencies in its tool business, higher margins and stable earnings generated by its growing security segment, a highly diversified revenue base across geographies and business lines, and its strong financial position. The Company will target a strong investment grade credit rating. With its substantial cash flow and long history of paying consecutive dividends, the new company expects to maintain Stanley’s current dividend policy. James M. Loree, Executive Vice President and Chief Operating Officer of Stanley, who will be EVP & COO of the combined company, commented, “This transaction is a significant step in advancing each priority in the strategic framework Stanley has embraced since 2004. It builds strength in all of our business platforms, furthering our goal to maintain portfolio transition momentum, and greatly enhances our resources to continue to invest in high- growth areas. We have a proven track record of successfully integrating organizations, and a critical framework for sustained operational excellence in the Stanley Fulfillment System. Planning for the integration of these two companies is well underway and we expect to expeditiously realize the full value of cost synergies we have identified as a result of this landmark transaction.” In addition to Messrs.

Lundgren, Archibald, and Loree, Stanley Vice President and Chief Financial Officer Donald Allan, Jr. will be part of the executive team as Senior Vice President and Chief Financial Officer of the combined company, and key members of both the Stanley and Black & Decker executive teams will hold positions in the combined organization. An Integration Steering Committee has been identified to oversee bringing together the two companies after closing and will be co-chaired by Mr. Archibald and Mr. Lundgren. The combined company will retain a presence in both Connecticut and Maryland, with its corporate headquarters in New Britain and the Power Tools headquarters remaining in Towson. The transaction is subject to customary regulatory approvals and closing conditions and requires the approval of Stanley and Black & Decker shareholders. Deutsche Bank and Goldman, Sachs & Co. acted as Stanley’s financial advisors and Cravath, Swaine & Moore LLP acted as Stanley’s legal counsel. Black & Decker’s financial advisor was J.P. Morgan Securities Inc. and its legal advisors were Hogan & Hartson LLP and Miles & Stockbridge P.C. Additional information on the transaction can be found at .

Conference Call and Webcast Details The management of both companies will host a joint conference call and live webcast on Tuesday, November 3, 2009 at 8:30 a.m. ET to discuss this announcement. The companies welcome all members of the investment community to listen to the call live by dialing into (877) 218-1796 in the U.S. or (574) 941–1407 outside the U.S. and providing the passcode: 38642483. The live webcast of the call can be accessed at , and . An audio replay of the call will be available approximately three hours after the call’s conclusion through Tuesday, November 17th, and can be accessed by calling (800) 642-1687 in the U.S. or (706) 645-9291 outside the U.S. and entering the passcode: 38642483. In addition, both companies will host a joint investor lunch on Tuesday, November 3, 2009 at 12:00 p.m.

ET in New York City. The live webcast of the meeting can be accessed at , and . About The Stanley Works The Stanley Works, an S&P 500 company, is a diversified worldwide supplier of tools and engineered solutions for professional, industrial, construction and do-it-yourself use, and security solutions for commercial applications. More information about The Stanley Works can be found at . About The Black & Decker Corporation Black & Decker is a leading global manufacturer and marketer of power tools and accessories, hardware and home improvement products, and technology-based fastening systems. CAUTIONARY STATEMENTS Under the Private Securities Litigation Reform Act of 1995 Statements in this press release that are not historical, including but not limited to those regarding the consummation of the proposed transaction between Stanley and Black & Decker and the realization of synergies in connection therewith, are “forward looking statements” and, as such, are subject to risk and uncertainty.

Stanley’s and Black & Decker’s ability to deliver the results as described above is based on current expectations and involves inherent risks and uncertainties, including factors listed below and other factors that could delay, divert, or change any of them, and could cause actual outcomes and results to differ materially from current expectations. In addition to the risks, uncertainties and other factors discussed in this press release, the risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied in the forward looking statements include, without limitation, those set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of Stanley’s and Black & Decker’s Annual Reports on Form 10-K and any material changes thereto set forth in any subsequent Quarterly Reports on Form 10-Q, those contained in Stanley’ s and Black & Decker’s other filings with the Securities and Exchange Commission, and those set forth below.

These factors include but are not limited to the risk that regulatory and stockholder approvals of the transaction are not obtained on the proposed terms and schedule; the future business operations of Stanley or Black & Decker will not be successful; the risk that the proposed transaction between Stanley and Black & Decker will not be consummated; the risk that Stanley and Black & Decker will not realize any or all of the anticipated benefits from the transaction; the risk that cost synergy, customer retention and revenue expansion goals for the transaction will not be met and that disruptions from the transaction will harm relationships with customers, employees and suppliers; the risk that unexpected costs will be incurred; the outcome of litigation (including with respect to the transaction) and regulatory proceedings to which Stanley or Black & Decker may be a party; pricing pressure and other changes within competitive markets; the continued consolidation of customers particularly in consumer channels; inventory management pressures on Stanley’s and Black & Decker’s customers; the impact the tightened credit markets may have on Stanley or Black & Decker or customers or suppliers; the extent to which Stanley or Black & Decker has to write off accounts receivable or assets or experiences supply chain disruptions in connection with bankruptcy filings by customers or suppliers; increasing competition; changes in laws, regulations and

 policies that affect Stanley or Black & Decker, including but not limited to trade, monetary, tax and fiscal policies and laws; the timing and extent of any inflation or deflation in 2009 and beyond; currency exchange fluctuations; the impact of dollar/foreign currency exchange and interest rates on the competitiveness of products and Stanley’s and Black & Decker’s debt programs; the strength of the U.S.

and European economies; the extent to which world-wide markets associated with homebuilding and remodeling continue to deteriorate; the impact of events that cause or may cause disruption in Stanley’s or Black & Decker’s manufacturing, distribution and sales networks such as war, terrorist activities, and political unrest; and recessionary or expansive trends in the economies of the world in which Stanley or Black & Decker operates, including but not limited to the extent and duration of the current recession in the US economy. Neither Stanley nor Black & Decker undertake any obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date hereof. Additional Information The proposed transaction involving Stanley and Black & Decker will be submitted to the respective stockholders of Stanley and Black & Decker for their consideration. In connection with the proposed transaction, Stanley will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 that will include a joint proxy statement of Stanley and Black & Decker that will also constitute a prospectus of Stanley. Investors and security holders are urged to read the joint proxy statement/prospectus and any other relevant documents filed with the SEC when they become available, because they will contain important information.

Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other documents (when available) that Stanley and Black & Decker file with the SEC at the SEC’s website at and Stanley’s website related to the transaction at . In addition, these documents may be obtained from Stanley or Black & Decker free of charge by directing a request to Investor Relations, The Stanley Works, 1000 Stanley Drive, New Britain, CT 06053, or to Investor Relations, The Black & Decker Corporation, 701 E. Joppa Road, Towson, Maryland 21286, respectively. Certain Information Regarding Participants Stanley, Black & Decker and certain of their respective directors and executive officers may be deemed to be participants in the proposed transaction under the rules of the SEC.

Investors and security holders may obtain information regarding the names, affiliations and interests of Stanley’s directors and executive officers in Stanley’s Annual Report on Form 10-K for the year ended January 3, 2009, which was filed with the SEC on February 26, 2009, and its proxy statement for its 2009 Annual Meeting, which was filed with the SEC on March 20, 2009. Investors and security holders may obtain information regarding the names, affiliations and interests of Black & Decker’s directors and executive officers in Black & Decker’s Annual Report on Form 10-K for the year ended December 31, 2008, which was filed with the SEC on February 17, 2009, and its proxy statement for its 2009 Annual Meeting, which was filed with the SEC on March 16, 2009. These documents can be obtained free of charge from the sources listed above. Additional information regarding the interests of these individuals will also be included in the joint proxy statement/prospectus regarding the proposed transaction when it becomes available.

Non-Solicitation A registration statement relating to the securities to be issued by Stanley in the proposed transaction will be filed with the SEC, and Stanley will not issue, sell or accept offers to buy such securities prior to the time such registration statement becomes effective. This document shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of such securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. Black And Decker History | Highlights in Black & Decker's history - tribunedigital-baltimoresun Highlights in Black & Decker's history March 14, 2010 1910: Duncan Black and Alonzo Decker quit their jobs and form their own company with $1,200 in capital. They initially made a bottle-capping machine and a candy-dipping device. They soon begin work on a power drill from a plant on South Calvert Street in today's Inner Harbor. 1917: The firm patents a drill design, called the world's first portable power drill with a pistol grip.

It is related to a portable air-compressor they had also patented. Also, Black & Decker's first plant opens in Towson. 1919: Sales at the young company surpass $1 million annually. 1923: The company begins selling a low-priced power drill. 1941: The company makes shells and tools for World War II. 1946: The first line of home utility drills is introduced after Alonzo G. Decker Jr., son of company's founder, notices that workers were stealing industrial power drills from defense contractors. The firm begins making electric drills, drill-bit sets, portable circular saws, jigsaws and sanders for the do-it-yourself market. 1961: Black & Decker introduces the DustBuster cordless vacuum. It also brought out the first battery-powered drill. 1968: Black & Decker develops a cordless power drill used on the Apollo 16 and 17 missions to the moon. The drill is used to drill the moon's surface in the early 1970s. 1995: Black & Decker begins operations in India and China. It introduces its DeWalt power tools to Europe and Latin America.

2003: Black & Decker acquires Baldwin Hardware. 2009: The company sees earnings decline in part because of the downturn in housing construction but says the demand for its products has started to stabilize. Nov. 2, 2009: Black & Decker Corp. announces plans to merge with The Stanley Works in a $4.5 billion all-stock deal. March 9: Black & Decker defended the independence of a company board member who approved the pending acquisition and a lucrative compensation package for chief executive Nolan D. Archibald, despite the director's real estate partnership with the CEO. March 11: The New York Stock Exchange rebukes Black & Decker, saying it should have considered the real estate partnership when deeming that board member independent to evaluate the Stanley Works merger. March 12: Shareholders of Black & Decker and Stanley Works shareholders approve the merger. MORE: Articles about Stanley Works - tribunedigital-thecourant Merger Bonus Pushes Retired Stanley Chairman's Pay To $123 Million By BRIAN DOWLING, bdowling@courant.com and The Hartford Courant, March 11, 2014 Nolan D.

Archibald, who led the former Black & Decker into a deal to create New Britain-based Stanley Black & Decker and then served as the new company's executive chairman, brought home $123.6 million last year, federal filings Tuesday show. The company's chief executive, John F. Lundgren, made $28.6 million last year, just over double his take-home pay the year prior, when his pay was $14 million. Most of his compensation package came from the exercise of $25.2 million of previously awarded stock options and stock awards that vested in 2013. Advertisement Stanley Works Merger Is New Britain's Gain November 8, 2009 For once, a state to the south is losing jobs to Connecticut rather than luring them away. The Stanley Works/Black & Decker merger is Maryland's loss and New Britain's gain. Local hand-tool maker Stanley is buying power-tool company Black & Decker and moving its Towson, Md., headquarters and 250 executive jobs to the Hardware City. Connecticut knows too well the heartbreak of losing jobs; we feel Maryland's pain.

Black & Decker means as much to the Baltimore area as, well, Stanley does to New Britain. COMMUNITY Nuts & Bolts: Stories From New Britain Manufacturing Frank Bradley, New Britain Industrial Museum/ CCSU and New Britain, March 1, 2014 There will be an exhibit "Nuts and Bolts: Stories from New Britain Manufacturing" at Gallery 66 at the Visitors Center at 66 West Main Street in New Britain from March 14 to April 23. Gallery Hours are 10 a.m. to 4:30 p.m., Monday through Friday. For over 100 years the city of New Britain was home to five major industries - housewares, builders' hardware, tools, ball bearings and manufacturing machinery. Because of this, and the countless other items manufactured in New Britain by companies large and small, New Britain came to be known as the "Hardware City of the World.

BUSINESS Stanley Works Set To Merge With Black & Decker Today By MARA LEE and The Hartford Courant, March 12, 2010 The Stanley Works' shareholders this morning overwhelmingly approved a merger with Black and Decker that is set to close at 5:01 p.m. today. At a 10-minute meeting at Stanley headquarters in New Britain, about 80 people listened to John F. Lundgren, the Stanley chairman and chief executive, explain that the board unanimously recommended the creation of tools juggernaut Stanley Black & Decker.  Photos: Black & Decker, Stanley Works merger  Baltimore Sun Blog: B&D shareholder accuses Archibald of 'greed' Together, the companies had $8.5 billion in sales in 2009. BUSINESS The Stanley Works Shows Improvement In Fourth-Quarter Earnings Report By MARA LEE and The Hartford Courant, January 28, 2010 Sales of tools to the general public and construction contractors fell, but more slowly than before, The Stanley Works said Wednesday in a report that showed overall sales down by 11 percent in the three months ended Dec. 31.

New Britain-based Stanley reported net income of $55.4 million, or 68 cents per diluted share, on sales of $969.4 million for the quarter. That compares with a net loss of $700,000, or 1 cent per share for the same quarter in 2008, when sales totaled $1.09 billion. BUSINESS Tool Giants Merge: Stanley Works Takes Over Black & Decker By MARA LEE and The Hartford Courant, March 13, 2010 The Stanley Works' shareholders overwhelmingly approved a merger with Black & Decker on Friday and the deal closed at 5:01 p.m. At a 10-minute morning meeting at Stanley headquarters in New Britain, about 80 people listened to John F. Lundgren, the company's chairman and chief executive, explain that the board unanimously recommended the creation of tools juggernaut Stanley Black & Decker. Together, the companies had $8.5 billion in sales in 2009.

Black & Decker's sales outpaced Stanley's by about $1 billion, but Stanley was able to buy its former rival because its stock market value was higher — the result of Stanley's growing security business. BUSINESS Focus On: The Stanley Works July 30, 1998 Headquarters: New Britain What it does: The Stanley Works makes hand tools, electronic tools and pneumatic tools for home and professional markets; hinges and other hardware for residential and commercial use; and automatic doors for commercial buildings. Chief executive: John M. Trani Ticker symbol: NYSE:SWK Web address: Connecticut employees: 1,900 Total employees: 17,000 1997 annual revenue: $2.7 billion 1997 annual net loss: $41.9 million Shares outstanding: 88.75 million 3-month average daily volume: 214,561 $100 investment in The Stanley Works 12 months ago: worth $96.50 Wednesday. BUSINESS Stanley Works Official Quits June 9, 1992 Richard G.

Martin, a central figure in a suspected nationwide price-fixing conspiracy, has quietly left his position as president and general manager of The Stanley Works hardware division. Reached Monday at his home in Avon, Martin, 45, said he left the company last week, but wouldn't discuss the circumstances of his departure. Asked whether Martin's leaving was related to the suspected conspiracy, a spokeswoman for the company said, "The answer to that is no." The company's public affairs office made available an in-house announcement that said Martin had left "to pursue other interests," which were not specified. COMMUNITY Museum In New Britain Expands Schedule May 28, 2013 The New Britain Industrial Museum is adding weekend hours in June. An American Savings Foundation grant will make it possible for the museum to hold weekend hours for the first time since it was founded 18 years ago. The museum is on the second floor of the Central Connecticut State University's ITBD building at 185 Main St. It is dedicated to documenting the industrial history of New Britain, long known as the Hardware City. Its collection includes items manufactured and invented in the city over the past 200 years.

BUSINESS Former Stanley Black & Decker Chairman Made $23.9M in 2012; CEO Got $14.4M By BRIAN DOWLING, bdowling@courant.com and The Hartford Courant, April 8, 2013 The former chairman of Stanley Black & Decker Inc., Nolan D. Archibald, made $23.9 million in 2012, his last full year before retiring in March. John F. Lundgren, Stanley's chairman and chief executive, pulled down $14.4 million in 2012, according to the New Britain company's shareholder proxy filed with regulators. Most of their compensation came from stock options or shares that vested to the executives. Archibald's options and stocks amounted to $19.9 million. Lundgren got $11.5 million from stock vesting.

BUSINESS Stanley Agrees To Buy Hong Kong Fastener Firm That Meshes With Shelton Business By DAN HAAR, dhaar@courant.com and The Hartford Courant, July 24, 2012 Stanley Black & Decker said Monday it will buy Infastech, a Hong Kong-based maker of engineered mechanical fasteners, in an $850 million cash deal that boosts the company's presence in Asia and complements Stanley's existing engineered fastening business in Shelton, Conn. Infastech, when combined with Shelton-based Emhart Teknologies, "will broaden our product offering while deepening our [intellectual property] portfolio and R&D capabilities," Stanley said in a written release after markets closed Monday. BUSINESS Centenarian Corporations: Some Honored, Some Snubbed Dan Haar, June 1, 2012 Think of an old-line, Connecticut company that has made a strong mark on the culture and has done well over the last decade. Aetna?

No doubt about it – the health insurer saw its stock rise by 311 percent from 2000 to 2011 and it's helping to shape national reform, though some critics say private insurers make too much money by denying care. People's United Bank? The Bridgeport-based institution has expanded out of state and made some key customer innovations. We know how old it is from those ads taunting rival Webster: "169 Years, 0 Bailouts. BUSINESS Stanley Mum On Pay Vote By MARA LEE maralee@courant.com and The Hartford Courant, April 27, 2011 As the company released a quarterly earnings report reflecting strong gains from a year earlier, Stanley Black & Decker declined to say Tuesday how it would respond to last week's shareholder vote rejecting the pay packages of top executives. New Britain-based Stanley reported first-quarter net income of $158.7 million, or 92 cents per diluted share, on sales of $2.4 billion, beating the average estimate of nine analysts surveyed by Bloomberg. The stock was trading down $2.29, to $75 a share.

COMMUNITY Two Glastonbury Men Charged With Painting Graffiti in New Britain By HILLARY FEDERICO, hfederico@courant.com and The Hartford Courant, April 7, 2011 Police charged two Glastonbury men with painting graffiti on several businesses and signs near Myrtle Street early Thursday. Alexander Pock, 19, of Lexington Road, and Sean McAuliffe, 19, of Woodhaven Road, were charged with second-degree criminal mischief. At 1:53 a.m. Thursday, police said an officer patrolling the Myrtle Street area saw Pock and McAuliffe walking in the parking lot of Celebration Foods, 263 Myrtle St. When the officer approached, the men tried to walk away and one dropped a can of spray paint. Close-up on New Britain By Tina Bachetti and The Hartford Courant, March 27, 2011 ORIGINS: New Britain was settled in 1686 by an overflow of colonists from Berlin. It was named after Great Britain in 1754 by Col. Isaac Lee, chief magistrate of the settlement.

The town was separated from Berlin and incorporated in 1850, and the city was incorporated in 1871. HARDWARE CITY: The city once led the country in sales of shelf hardware in the early 20th century. The Stanley Works was founded in 1843 by 41-year-old Frederick T. Stanley, who got his start as a young Yankee peddler selling hardware on horse-and-wagon trips to the back country of North Carolina. BUSINESS Stanley Black & Decker Ahead Of Schedule In Merger Cuts As Sales Grow By MARA LEE, maralee@courant.com, October 20, 2010 Stanley Black & Decker has cut administrative costs faster than it anticipated after its March merger, the company said Wednesday, and sales and profits expanded in the quarter that ended Sept. 30. As a result of the progress made since The Stanley Works bought Black & Decker, the New Britain-based maker of tools and security systems has upped its estimate of cost savings to $125 million this year, an increase of $35 million. The company now expects to shave more than the projected $350 million in costs through the merger.

Question: With which other tool firm did Stanley Works merge in 2010?
Answer: Black & Decker